Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,440 |
| 1 Bedroom | $2,910 |
| 2 Bedrooms | $3,360 |
| 3 Bedrooms | $4,360 |
| 4 Bedrooms | $4,610 |
| 5 Bedrooms | $5,348 |
| 6 Bedrooms | $5,990 |
| 7 Bedrooms | $6,469 |
| 8 Bedrooms | $6,792 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,360 | $717,474 | 0.47% | F |
| 3BR | $4,360 | $885,039 | 0.49% | F |
| 4BR | $4,610 | $1,063,030 | 0.43% | F |
| 5BR | $5,348 | $1,585,222 | 0.34% | F |
U.S. Census Bureau data (2024)
The market in ZIP 11747, Melville, NY, is in motion, reflecting a dynamic equilibrium between supply and demand. The Fair Market Rent (FMR) for the area stands at $3500 for the fiscal year 2024, nearly matching the Census American Community Survey's reported market rent of $3,501. This close alignment suggests that the rental market is stable, with neither significant upward nor downward pressure on rents.
The 0.1% price-cut share indicates that very few properties are being discounted, implying that landlords and property owners are confident in their ability to maintain or slightly increase rents without having to lower prices to attract tenants. The median home value in the area is $870,053, which is indicative of a robust housing market with high property values.
However, the 11.9% renter share reveals an interesting aspect of the local housing dynamics. A relatively low percentage of renters suggests that homeownership is prevalent in Melville. This could imply that there is less long-term housing pressure, as fewer residents are in the rental market. Yet, it also means that any shift towards renting could quickly increase demand, putting upward pressure on both rental rates and property values.
The snapshot of the market shows a balance, but the underlying trend suggests a slight bias towards demand potentially outpacing supply, especially if there is a growing interest in renting. Landlords and small-portfolio investors should monitor changes in the renter share and median home value closely to understand how these dynamics evolve over time.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.